NYSE · Power & grid · Gas turbines (AI power demand)
GE Vernova
A power and grid company spun from GE. A direct beneficiary of surging AI-datacenter power demand, with gas-turbine and grid orders soaring. Datacenter-specific deals include 29 LM2500XPRESS turbines to Crusoe. ~$44.6B revenue expected in 2026; Electrification backlog ~$45.3B. At the very bottom of the chain: generation and transmission.
GEV Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, GE Vernova is directly linked to 6 companies (1 supply, 5 revenue relationships) and reaches 30 companies within two hops; the links are backed by 7 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · ~$44.6B revenue (2026E)
- Customer concentration · Datacenter power demand pulls turbines and grid.
- Segments · Power (gas turbines) · Electrification/grid · Wind
Revenue from
- AI data centers · utilities (power generation & grid) High confidence
Supplies gas turbines and grid to AI data centers and utilities like Crusoe ($45.3B Electrification backlog) — upstream of a structure where each data center needs generation and grid first.Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis - NRG Energy High confidence
Project development agreement with NRG Energy for 5.4 GW of gas combined-cycle capacity plus 3.6 GW of 7HA gas turbine slot reservations, supplying turbines and equipment for NRG's data center large-load buildout.Confirms EN Utility Dive Accessed Jul 11, 2026: NRG aims for 2026 next step in 5.4-GW gas deal with GE Vernova, Kiewit - Microsoft Medium confidence
Supplies gas turbines and power equipment to Microsoft data centers — the channel for hyperscalers securing power alongside GPUs.Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis - Amazon Medium confidence
Supplies gas turbines and power equipment to Amazon data centers — a generation channel in the race to secure AI power.Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis - Alphabet (Google) Medium confidence
Supplies gas turbines and power equipment to Alphabet (Google) data centers — a beneficiary of rising on-site generation demand.Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis - NextEra Energy Medium confidence
Gas turbines and generation gear to the utility.
Pays to
- D-Wave Quantum Medium confidence
Uses D-Wave QCaaS/quantum annealing as a commercial customer. - R&D & engineering (undisclosed) Low confidence
Power/grid R&D.Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis - components & materials · plant (undisclosed) Low confidence
Turbine/generator parts and materials.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +89.4 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +76.9 |
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +59.7 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +45 |
| Planet Labs | lead2 | · | -29.3 | -43.2 | +63.6 | +388.1 | +32.1 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +27.4 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +20 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +9.5 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.6 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +2.6 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | -7.8 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -8 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -8.8 |
| McDonald's | lead2 | +27.8 | +0.5 | +15.1 | +0.1 | +7.9 | -9 |
| LVMH Moet Hennessy Louis Vuitton | lead2 | +46.6 | +12.7 | -1.8 | -7.3 | -20.4 | -9 |
| Recursion Pharmaceuticals | lead2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -15.3 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -20.3 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -21.7 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -29.7 |
| Alphabet (Google) | lead1 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| NextEra Energy | lead1 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +11.1 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| NRG Energy | lead1 | +18.5 | -23.5 | +69.4 | +78.6 | +78.9 | -11.3 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| GE Vernova | node | · | · | · | · | +99 | +67.3 |
| D-Wave Quantum | benef1 | · | -85.3 | -38.9 | +854.5 | +211.3 | -23.2 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is a position at the very bottom (generation and transmission) of the power supercycle that AI data centers triggered. Spun from GE, its gas-turbine and grid orders are surging — 29 LM2500XPRESS turbines to Crusoe, a 5.4GW combined-cycle development and 3.6GW of 7HA turbine slots reserved for NRG — with an Electrification backlog of ~$45.3B. Because each new data center needs power first, hyperscalers like Microsoft, Amazon and Google seeking generation and grid alongside GPUs is the structural growth driver. But gas turbines have long lead times, so how fast backlog converts to revenue is key; risks are order cancellations/delays if AI power forecasts overheat, and earnings volatility in lower-margin businesses like wind.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 2 · Sell 0 · Avg. target $1,214 · Price $1,093 (07-11) · Upside +11%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Sanford C. Bernstein · Sunaina Ocalan | Outperform | $1,206 | Jun 16, 2026 | Report ↗ |
| Jefferies Financial Group · Julien Dumoulin-Smith | Buy | $1,210 | Jun 11, 2026 | Report ↗ |
| Zacks Research | Hold | — | Apr 28, 2026 | Report ↗ |
| BNP Paribas Exane · Moses Sutton | Neutral | $1,190 | Apr 27, 2026 | Report ↗ |
| Barclays · Julian Mitchell | Overweight | $1,250 | Apr 23, 2026 | Report ↗ |
Initiated coverage at Outperform, $1,206, citing a record backlog and AI-datacenter-driven power demand.
Analyses covering this node
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026